SB 1468

  • Illinois Senate Bill
  • 95th Regular Session
  • Introduced in Senate Apr 20, 2007
  • Passed Senate Apr 20, 2007
  • House
  • Governor

Payday Loan-Loan Terms

Abstract

Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.

Bill Sponsors (26)

Votes


Actions


Jan 13, 2009

Senate

Session Sine Die

May 31, 2007

House

Rule 19(a) / Re-referred to Rules Committee

May 25, 2007

House

Final Action Deadline Extended-9(b) May 31, 2007

May 22, 2007

House

House Committee Amendment No. 3 Filed with Clerk by Financial Institutions Committee

House

Remains in Financial Institutions Committee

House

Motion Do Pass as Amended - Lost Financial Institutions Committee; 011-004-007

House

House Committee Amendment No. 3 Adopted in Financial Institutions Committee; by Voice Vote

May 21, 2007

House

Added Alternate Co-Sponsor Rep. Robert F. Flider

May 18, 2007

House

Committee Deadline Extended-Rule 9(b) May 25, 2007

May 15, 2007

House

House Committee Amendment No. 2 Filed with Clerk by Financial Institutions Committee

House

Remains in Financial Institutions Committee

House

House Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote

House

House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote

House

House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee

May 03, 2007

House

Added Alternate Co-Sponsor Rep. LaShawn K. Ford

House

Alternate Chief Co-Sponsor Removed Rep. Monique D. Davis

House

Added Alternate Chief Co-Sponsor Rep. Patricia R. Bellock

House

Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons

House

Added Alternate Chief Co-Sponsor Rep. John A. Fritchey

House

Added Alternate Co-Sponsor Rep. Constance A. Howard

House

Added Alternate Co-Sponsor Rep. Elga L. Jefferies

House

Added Alternate Co-Sponsor Rep. Charles E. Jefferson

House

Added Alternate Co-Sponsor Rep. Harry Osterman

House

Added Alternate Co-Sponsor Rep. Michael K. Smith

House

Added Alternate Co-Sponsor Rep. Arthur L. Turner

House

Added Alternate Co-Sponsor Rep. Karen A. Yarbrough

House

Added Alternate Co-Sponsor Rep. Mary E. Flowers

House

Added Alternate Co-Sponsor Rep. Esther Golar

House

Added Alternate Co-Sponsor Rep. Deborah L. Graham

House

Added Alternate Co-Sponsor Rep. Julie Hamos

House

Added Alternate Co-Sponsor Rep. Greg Harris

House

Added Alternate Co-Sponsor Rep. Jay C. Hoffman

House

Added Alternate Co-Sponsor Rep. Thomas Holbrook

House

Added Alternate Co-Sponsor Rep. Mike Boland

House

Added Alternate Co-Sponsor Rep. Richard T. Bradley

House

Added Alternate Co-Sponsor Rep. Daniel J. Burke

House

Added Alternate Co-Sponsor Rep. Linda Chapa LaVia

House

Added Alternate Co-Sponsor Rep. Annazette Collins

House

Added Alternate Co-Sponsor Rep. Marlow H. Colvin

House

Added Alternate Co-Sponsor Rep. Elizabeth Coulson

House

Added Alternate Co-Sponsor Rep. William Davis

House

Added Alternate Co-Sponsor Rep. Barbara Flynn Currie

Apr 30, 2007

House

Assigned to Financial Institutions Committee

Apr 26, 2007

House

Alternate Chief Sponsor Changed to Rep. David E. Miller

House

Added Alternate Chief Co-Sponsor Rep. Eddie Washington

Apr 25, 2007

Senate

Added as Co-Sponsor Sen. Dan Kotowski

House

Added Alternate Chief Co-Sponsor Rep. Monique D. Davis

Apr 20, 2007

House

Chief House Sponsor Rep. Eddie Washington

House

Referred to Rules Committee

House

First Reading

Senate

Added as Co-Sponsor Sen. Kwame Raoul

Senate

Added as Co-Sponsor Sen. Mattie Hunter

Senate

Added as Co-Sponsor Sen. Carol Ronen

Senate

Added as Co-Sponsor Sen. Rickey R. Hendon

Senate

Third Reading - Passed; 044-007-001

House

Arrived in House

House

Placed on Calendar Order of First Reading

Apr 19, 2007

Senate

Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg

Mar 30, 2007

Senate

Rule 2-10 Third Reading Deadline Established As May 31, 2007

Mar 29, 2007

Senate

Added as Chief Co-Sponsor Sen. William Delgado

Senate

Added as Co-Sponsor Sen. David Koehler

Mar 27, 2007

Senate

Added as Chief Co-Sponsor Sen. Pamela J. Althoff

Mar 22, 2007

Senate

Placed on Calendar Order of 3rd Reading March 27, 2007

Senate

Second Reading

Mar 21, 2007

Senate

Added as Co-Sponsor Sen. Michael Noland

Mar 15, 2007

Senate

Senate Committee Amendment No. 1 Adopted

Senate

Do Pass as Amended Financial Institutions; 005-004-000

Senate

Placed on Calendar Order of 2nd Reading March 20, 2007

Mar 14, 2007

Senate

Senate Committee Amendment No. 1 Referred to Rules

Senate

Senate Committee Amendment No. 1 Rules Refers to Financial Institutions

Senate

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford

Mar 08, 2007

Senate

Postponed - Financial Institutions

Mar 06, 2007

Senate

Added as Co-Sponsor Sen. James T. Meeks

Feb 21, 2007

Senate

Assigned to Financial Institutions

Feb 09, 2007

Senate

First Reading

Senate

Referred to Rules

Senate

Chief Co-Sponsor Sen. Jacqueline Y. Collins

Senate

Filed with Secretary by Sen. Kimberly A. Lightford

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML

Related Documents

Document Format
House Amendment 003
House Amendment 002
House Amendment 001
Senate Amendment 001

Sources

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